How important are contingent liabilities in an audit?

June 30, 2024 No Comments

A: Contingent liabilities, when present, are very important audit items because they normally represent risks that are easily misunderstood or dismissed. For companies in the United States, the Financial Accounting Standards Board, or FASB, sets specific criteria for how contingent liabilities are to be assessed,

How important are contingent liabilities in an audit?

July 7, 2024 No Comments

How is residual value of assets taxed?

June 30, 2024 No Comments

A: Residual value has several meanings, each with its own potential tax consequences. Tax laws vary between jurisdictions, so taxes on residual values vary as well. Generally speaking, residual value is taxable whenever it represents a net gain in an economic transaction. For example, residual

How is residual value of assets taxed?

July 7, 2024 No Comments

How is taxation treated for both the parent and subsidiary company during a spinoff?

June 30, 2024 No Comments

A: A common separation strategy used by corporations includes divestiture activities that segment a portion of a company’s operations, resulting in a new corporate entity. Also known as a spinoff, a business has the ability to create a new company that conducts separate operations from

How is taxation treated for both the parent and subsidiary company during a spinoff?

July 7, 2024 No Comments

How Much Does a Dependent Reduce Your Taxes?

June 30, 2024 No Comments

A: Each qualified dependent you claim on your federal income tax form can reduce your taxable income by $4,050 for the tax year 2017. In addition to providing a means of reducing your total taxable income by thousands of dollars, having qualified dependent children may also

How Much Does a Dependent Reduce Your Taxes?

July 7, 2024 No Comments

How much will it cost to hire an accountant to do my taxes?

June 30, 2024 No Comments

A: Tax accounting generally costs less than $100 for simple tax returns, and it takes only a few hours to prepare and complete a tax return. Certified public accountants generally charge at least twice that amount, since CPAs have the necessary skills to tackle the

How much will it cost to hire an accountant to do my taxes?

July 7, 2024 No Comments

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